New York A 7693: Relates to small business savings accounts

Bill Text

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A07693 Summary:

BILL NOA07693 

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SAME ASNo Same As

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SPONSORChludzinski

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COSPNSR

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MLTSPNSR

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Grants Lawrence Korzeniewski, the statutory beneficiary of Janice Korzeniewski, accidental death benefits because Janice Korzeniewski was directed by her employer to return to work and contracted COVID-19 within 45 days of reporting to work and died from such disease.

Go to top A07693 Actions:

BILL NOA07693 

&nbsp

04/04/2025referred to governmental employees

01/07/2026referred to governmental employees

Go to topA07693 Committee&nbspVotes:

Go to topA07693 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07693 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7693

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 4, 2025
 ___________

 Introduced by M. of A. CHLUDZINSKI -- read once and referred to the
 Committee on Governmental Employees

 AN ACT granting Lawrence Korzeniewski, the statutory beneficiary of
 Janice Korzeniewski, accidental death benefits

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Notwithstanding any other provision of the retirement and
 2 social security law or of any general, special or local law to the
 3 contrary, Lawrence Korzeniewski, the statutory beneficiary of Janice
 4 Korzeniewski, a member of the New York state and local employees'
 5 retirement system, who as directed by her employer worked from March 1,
 6 2020 through April 16, 2020 and who contracted COVID-19 within forty-
 7 five days of reporting to work and died from the disease on October 19,
 8 2020, as documented on such member's death certificate, shall be deemed
 9 eligible to request conversion of the member's service or disability
 10 retirement benefit into an accidental death benefit, if within one year
 11 of the effective date of this act, he shall have filed a written request
 12 with the state comptroller.
 13 § 2. All past service costs of implementing the provisions of this act
 14 shall be borne by the state of New York.
 15 § 3. This act shall take effect immediately.
 FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
 This bill would allow Lawrence Korzeniewski, the statutory beneficiary
 of deceased retiree Janice Korzeniewski, to request conversion of Janice
 Korzeniewski's service retirement benefit into an accidental death bene-
 fit. Janice Korzeniewski retired from the New York State and Local
 Employees' Retirement System effective August 10, 2020. The service
 retirement benefit is not currently eligible for conversion pursuant to
 § 607-i of the Retirement and Social Security Law, which requires the
 deceased to have retired prior to July 1, 2020.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02916-02-5

 A. 7693 2

 If this bill is enacted during the 2025 Legislative Session, there
 will be an immediate past service cost of approximately $192,000 which
 will be borne by the State of New York as a one-time payment. This esti-
 mate assumes that payment will be made on March 1, 2026.
 Summary of relevant resources:
 Membership data as of March 31, 2024 was used in measuring the impact
 of the proposed change, the same data used in the April 1, 2024 actuari-
 al valuation. Distributions and other statistics can be found in the
 2024 Report of the Actuary and the 2024 Annual Comprehensive Financial
 Report. The actuarial assumptions and methods used are described in the
 2024 Annual Report to the Comptroller on Actuarial Assumptions, and the
 Codes, Rules and Regulations of the State of New York: Audit and
 Control. The Market Assets and GASB Disclosures are found in the March
 31, 2024 New York State and Local Retirement System Financial Statements
 and Supplementary Information.
 This fiscal note does not constitute a legal opinion on the viability
 of the proposed change nor is it intended to serve as a substitute for
 the professional judgment of an attorney.
 This estimate, dated February 3, 2025, and intended for use only
 during the 2025 Legislative Session, is Fiscal Note No. 2025-27. As
 Chief Actuary of the New York State and Local Retirement System, I,
 Aaron Schottin Young, h